Public could not give a tulip about house price falls

[Bagpuss]

http://news.bbc.co.uk/1/hi/business/7072382.stm

The majority of the British public say a major decline in house prices will not change their spending patterns, a BBC survey has suggested.
Of more than 1,000 people asked, 88% said that a price fall of 10% or more would make no difference to spending on everyday items such as groceries.

The findings appear to question whether a downturn in the housing market would actually damage the UK economy.

Boomed! Doomed! it makes no difference. Just keep borrowing and spending.
Amen.

So if house prices drop people will still want to buy food, hmm, revelation that. Also they are quite willing to borrow money that won't be offered,at cheap rates that won't be offered. Amazing